One of my favourite songs is “One Slip” by Pink Floyd 😍
Here’s the chorus:
One slip and down the hole we fall
It seems to take no time at all
A momentary lapse of reason
That binds a life for life
A small regret, you won’t forget
There’ll be no sleep in here tonight
Swap slip for click and it’s almost a perfect description of a potential cybersecurity incident! 😲
Cyber risk is growing in frequency and sophistication and Cyber Insurance is a growth area, yet many businesses remain uninsured 🫣
Business assets and liability risks are insured as a matter of course, deemed as essential financial protection. However the odds of a major claim under those covers are low for most companies, whereas the odds of clicking on a dodgy link are high…and growing! 📈
Of all insurable risks to a business, one which can take a few mouse clicks and seconds to materialise should surely be very high up the priority list.
A Finance Director or business owner who hasn’t protected their business adequately can no longer hide behind a lack of awareness – cyber incidents are well publicised, with some very costly and high profile examples.
The rule of thumb for most insurance is to protect what you financially can’t afford to lose. With cyber criminals regularly charging ransom amounts in five and six figures, if you don’t have this spare…insure it!
Cyber criminals target all sizes of business. The less sophisticated IT infrastucture of a small business is a quick win to them, however we hear more about household name businesses attacked. Financially though, high volumes of smaller claims equate to a similar total as a lower volume of large value claims…
Cyber Insurance differs from most other classes in that the financial protection is only one aspect. Of greater value is the monitoring of the policyholders IT infrastructure on a 24/7 basis to deflect issues, in real time, to minimise potential for any disruption and consequent financial loss. Therefore you also benefit the service and technical expertise sitting behind the financial protection.
This post is simply to help raise awareness. Cyber risk is already a big deal and an ever growing threat.
If you hear Pink Floyd soon and it reminds you to get this risk protected, great stuff 😁
How and from whom you arrange this protection is of secondary importance. Of primary importance is that you do… 😉
#Cyber #CyberRisk #CyberInsurance #Insurance #InsuranceBroker
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